[albart]

I inherted a house after my mother passed away, theire was mortgage on the property and my cousin lived in the house and paid only the payment, is this considered a rental,the house has been sold recemtly , I am not sure how to list it on my taxes

[oneguyinohio]

Sounds like you rented it to the cousin. The payments he made on the mortgage could be considered rent. I'm not a tax expert for sure. Since the money was not paid directly to you, it might involve whose name the mortgage was in?

The sale of the house would probably involve the sale of an inherited asset with the basis being the value at time of inheritance.

Sounds like you need to talk to a tax accountant about how to handle the two situations.

[AtlantaTaxExpert]

Agreed; RUN (don't walk) to see a tax professional, as there are several issues to consider.

Clearly, your cousin rented the house. The only question is from whom, you (the heir) or the estate?

If it was from the estate, then the estate has to file a fiduciary tax return to account for the rental income.

If it was from you, then you need to file Schedule E to report the income and the expenses.

In either case, the house must be depreciated, and that depreciation has to be factored in when the sale of the house is reported.

There wll be other considerations as well. You NEED professional tax help from an enrolled agent or CPA with estate tax experience.